I'm experiencing the same problem with my AC 7260. The Bluetooth does not work, I have tried the Generic Windowd driver, BT_3.1.1311_e164 and BT_3.1.1309_e164 but the problem persists.
I bought the card and installed it in my MSI GE60-0ND with no problems, wifi works very well both 2,4Ghz and 5Ghz.
When using the Generic driver and 1311/1309 the Bluetooth icon will be normal for a brief moment in Device Manager but after few seconds it'll sport that shiny yellow ! triangle we all love. This happens when I turn on/off Bluetooth using a software from MSI. - Note the only hardware change is under "Bluetooth" - Nothing else gets changed (I would have thought Bluetooth would also appear under Network Adapters).
I have spent quite some time reading these forums and battled google for days trying to find a solution but after all this time I can only say that A LOT of people are having this problem.
joe_intel : I've seen you trying to help lots of people regarding this issue and we all appreciate that, however, Intel really needs to step up their game and fix this issue. None sooner than last year...
Edit: spelling/typos